The auditor's responsibility, as expressly stated in the audit report, is to _______.

A)express an opinion on the financial statements
B)take responsibility for the financial statements
C)make it clear that responsibility for the financial statements rests with the internal audit function
D)make it clear that responsibility for the financial statements rests with the client's legal counsel

Question

The auditor's responsibility, as expressly stated in the audit report, is to _______.

A)express an opinion on the financial statements
B)take responsibility for the financial statements
C)make it clear that responsibility for the financial statements rests with the internal audit function
D)make it clear that responsibility for the financial statements rests with the client's legal counsel

Quizplus · Accepted Answer

The auditor's responsibility, as stated in the audit report, is to express an opinion on the financial statements. This means that the auditor has conducted an examination of the financial statements in accordance with auditing standards and has formed an opinion as to whether they are presented fairly in all material respects. The auditor does not take responsibility for the financial statements themselves, as this is the responsibility of management.

The Auditor's Responsibility, as Expressly Stated in the Audit Report